Pakistan’s auto industry is facing incredibly challenging times, with one of the largest car manufacturers, Pak Suzuki, resorting to selling used cars in order to survive. The current economic uncertainties have left the government without a concrete plan to revive the struggling industry. Among all the players in the market, Pakistan Suzuki Motor Company (PSMC) has been hit the hardest. In an effort to attract customers, PSMC has introduced an installment plan for used cars in collaboration with Meezan Bank and Bank Al-Falah.
The installment plan comes with various benefits, including discounted insurance rates, up to a 50% discount on processing fees, a discounted markup rate, and the option for residual value financing for up to three years. The financing period extends up to eight years.
PSMC finds itself in a precarious situation within the automobile sector of Pakistan. In an attempt to ensure its survival, the company has requested the government, specifically PM Shahbaz Sharif, to reduce duties and taxes on vehicles with engine capacities up to 1,000cc. As the largest manufacturer of passenger cars and light commercial vehicles in the country, PSMC operates mainly in the low engine capacity segment. It hopes that reducing taxes will alleviate some of the burden.
In light of the current circumstances, Pak Suzuki fervently urges the government not to impose additional duties and taxes in the upcoming federal budget, particularly on vehicles with engine capacities up to 1,000cc. The company’s future and the local car sector as a whole remain uncertain, and the situation calls for careful consideration and action. Share your thoughts on the ongoing situation in the comments section below.
